Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or
bonus depreciation Archives - Crawford Ellenbogen
Aug 10, 2022
Dec 28, 2021
The tax implications of owning a corporate aircraft
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. There are tax and non-tax implications for aircraft ownership. In most cases, if your company buys a plane used only for business, the company can deduct its entire cost in the year that it’s
Dec 15, 2021
Small businesses: There still may be time to cut your 2021 taxes
- By Victor Dozzi
- Business
- 0 Comments
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you
Apr 6, 2021
Need a new business vehicle? Consider a heavy SUV
- By Joan Ellenbogen
- Business
- 0 Comments
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired
Dec 2, 2020
Small businesses: Cash in on depreciation tax savers
- By Joan Ellenbogen
- Business
- 0 Comments
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate
Sep 16, 2020
5 key points about bonus depreciation
- By Joan Ellenbogen
- Business
- 0 Comments
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and
Mar 30, 2020
The new COVID-19 law provides businesses with more relief
- By Ellenbogen
- Business
- 0 Comments